Positive indicators substantiate govt’s right economic path: PM Sharif

ISLAMABAD: Prime Minister Shehbaz Sharif said on Friday that the positive indicators such as falling policy rate and inflation, surging remittances and agricultural exports, and ongoing efforts to boost IT exports prove that the government’s economic policies were heading in the right direction.

The Prime Minister, addressing the young parliamentarians of the Pakistan Muslim League-Nawaz, said the two per cent policy rate reduction announced on Thursday was a major relief for the industrialists, investors, agriculturalists, and exporters, as he expressed the hope for further decrease in the interest rate.

The announcement by the International Monetary Fund (IMF) to discuss the $7 billion Extended Fund Facility (EFF) to Pakistan on September 25 was also equally a good development, he added.

PM Sharif appreciated the friendly countries, including Saudi Arabia, China and the United Arab Emirates for their support in paving the way for the IMF facility. He also lauded the efforts by the government’s economic team, the Army chief, and all those involved in the process.

The Prime Minister said the inflation had dropped to 9.6 per cent from 32 per cent last year, whereas remittances by expatriates and agricultural exports had witnessed a surge.

The government was also striving to promote Information Technology exports, he said, appreciating the role of Information Minister Attaullah Tarar in amplifying the government’s performance. But he said more efforts were needed with unity and a clear mind to regain the lost position.

He told the young parliamentarians including senators and members of the National Assembly (MNAs) that the incumbent government had made a pathway for the country to regain its stature in the comity of nations by rectifying past mistakes.

He emphasised the role of youth, including parliamentarians, engineers, students, lawyers, bankers and agriculturalists in accomplishing that journey by equipping themselves with modern education and skills. He also assured them of his fullest support in that regard.

He said the IMF programme was also being achieved following the tremendous efforts and tough decisions like putting tax burden on the salaried class, which could be lessened in the future in the form of reduced inflation.

Calling on the country’s five million traders to play their part in taxation, he said the government had brought the agro farms under the tax net. Curbing tax evasion was inevitable to rid the country of the IMF programme, he said and prayed that it should be the last such facility.

The young parliamentarians presented suggestions with regard to governance and legislation, which the Prime Minister appreciated.